A solar energy producer with his plant in Maharashtra and a corporate office in Haryana has to comply with more than 2,700 compliance with the limits of the center, the state and the municipality, said a report by Teamlease Regtech.
The Regulatory Technology Solutions Company (Regtech) said that an independent solar energy producer in Maharashtra, where electricity is generated and transmitted through the network, together with the corporate office in Haryana, must comply with a total of 2,735.
These include 799 unique regulatory obligations distributed in 646 central, 153 state and municipal requirements.
Rishi Agrawal, co -founder and CEO of Teamlease Regtech, said that administering more than 2,700 annual regulatory requirements in three levels of legislation and seven categories of the law requests a combination of people, processes, technology and associations.
“As the company expands its geographical footprint from a single state to multiple states, numbers grow exponentially. Manage them in a program of compliance with ad-hoc people, based on paper, leaves a vulnerable organization.
Agrawal emphasized that the first step is to raise awareness about regulatory obligations. Bears, proactively monitoring regulatory updates and caressing a detailed compliance verification list can guarantee adhesion, he added.
Compliance
From the point of view of the regulatory category, compliance related to labor constitute the greatest participation in 244, followed by the Secretary Regulations (238), Finance and Taxes (84), Environment, Health and Safety (58) and specific industry, the specific regulations of the company.
These are followed by commercial compliance requirements (38) and general (31). These are only the unique number of Bligations that are inflated once they take into account with different frequencies, he added.
A company also needs to administer obligations, such as maintaining records, making periodic payments, testing equipment, showing legal notices, audit management and reports to several authorities, he added.
The work category implies 244 different compliance, expanding to 1,071 when their required frequency is counted.
These cover critical legislation, including the Law of the Employee Precision Fund, the Maternity Benefits Law, the Salary Payment Law, sexual harassment of the Women’s Law in the workplace and others.
“According to the law of factories and the rules of factories of Maharashtra, for example, the pressure plants must be tested for four years, an application that is overlooked but entails legal consequences.